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Supreme Court asks Sahara about refund date, issues contempt notice

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The Supreme Court today directed the Sahara group to inform the court by July 30 about the date by which the group plans to refund its investors.

The court also issued a notice to two Sahara group companies on a contempt petition by the Securities and Exchange Board of India (Sebi), India's market regulator, for not obeying the apex court's December order.

According to the order, the companies had time till January to repay the investors.

This is the second contempt notice to Sahara.

The Supreme Court had in August last year directed two Sahara group companies to refund around Rs 24,000 crores to its investors because Sebi found that these investors were not genuine, and Sebi's permission to collect money was not taken. Sahara is yet to comply with the Supreme Court's order.



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